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3E Economics par. 2.3
Par. 2.2 assignment 6a
Which statement is incorrect?
A
TR = 400 x 2
B
Sales = 400
C
TC = 140,22Q
D
TP = 1,78Q - 140
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Slide 1:
Quiz
Economie
Middelbare school
vwo
Leerjaar 3
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Par. 2.2 assignment 6a
Which statement is incorrect?
A
TR = 400 x 2
B
Sales = 400
C
TC = 140,22Q
D
TP = 1,78Q - 140
Slide 1 - Quiz
Hw.
Par. 2.2 Assignment 6a
Turnover = 400 x 2 = 800
Total variable costs = 0,22 x 400 = 88
Total costs = 88 + 140 = 228
Profit = 800 - 228 = 572
Slide 2 - Diapositive
Par. 2.2 assignment 6b
Which statement is incorrect?
A
( 0,22 x 400 + 140 ) / 400
B
0,22 + 140 / 400
C
( 0,22 + 140 ) / 400
Slide 3 - Quiz
Par. 2.2 assignment 6c
The costs per product ...(1) when we produce more products, because the ...(2) costs can be divided over more products
A
1 decrease 2 fixed
B
1 decrease 2 variable
C
1 increase 2 fixed
D
1 increase 2 variable
Slide 4 - Quiz
Par. 2.2 Assignment 6e
A
TC = 0,22 + 140
B
TC = 0,22Q + 140
C
TC = 0,22 + 140Q
D
TC = 0,22Q + 140Q
Slide 5 - Quiz
Demand curve
Supply curve
Slide 6 - Diapositive
Market equilibrium
Slide 7 - Diapositive
Market
Demand curve and supply curve lead to a market equilibrium
Qs = Qd
1 > Solve the equation
2 > intersection point of the 2 lines
Slide 8 - Diapositive
Market equilibrium
The intersection point where supply and demand are equal for a certain product (Qs = Qd)
Slide 9 - Diapositive
Calculation
For the market of a certain product we have the following equations
Qd = - 2,4p + 1200 en Qs = 4p - 400
Qs = Qd
4p - 400 = - 2,4p + 1200
6,4p = 1600
P = 250
Equilibrium price = €250
Slide 10 - Diapositive
Calculation
Now we now the equilibrium price ( €250) we can calculate the equilibrium quantity
Qd = - 2,4p + 1200 and Qs = 4p - 400
-2,4 x 250 + 1200 = 600
Equilibrium quantity = 600
Check: 4 x 250 - 400 = 600
Slide 11 - Diapositive
Example
qd = -100p + 600
qs = 50p – 150
Equilibrium price?
Equilibrium quantity?
Slide 12 - Diapositive
qs = qd
50p – 150 = -100p + 600 ----> 150p = 750 ----> p = 5
qa = 50 x 5 – 150 = 100 and qv = - 100 x 5 + 600 = 100
Slide 13 - Diapositive
Qd = -10p + 80
Qs = 5p - 10
Equilibrium price?
A
4,67
B
6
C
14
D
18
Slide 14 - Quiz
Qd = -10p + 80
Qs = 5p - 10
Market turnover?
A
20
B
120
C
140
D
840
Slide 15 - Quiz
How can the equilibrium price change?
- shift of the supply curve
- shift of the demand curve
Slide 16 - Diapositive
The invisible hand
The market mechanism will 'automatically' insure the market price to become the equilibrium price
Famous economist Adam Smith called this the invisible hand
At a demand excess the invisible hand will push the market price up until we reach a new equilibrium price
At a supply excess the invisible hand will push the market price down until we reach a new equilibrium price
Slide 17 - Diapositive
How does a market respond to a shift of the demand curve to the left? Put the events in the right order.
Step 1
Step 2
Step 3
Step 4
A part of the supplied product is not sold.
The demanded quantity will increase, the supplied quantity will decrease.
The market will 'automatically' come to an equilibrium.
Suppliers that don't sell all their products will lower the price.
Slide 18 - Question de remorquage
Hw.
For next lesson:
Par. 2.3 assignments 6, 13 and 14
For now:
Par. 2.1 assignments 2, 3, 4, 5, 6, 7, 8, 9
Par. 2.2 assignments 2, 3, 4, 5, 7, 8, 9, 10
Slide 19 - Diapositive
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